I have a UK based $ account and sterling account and can transfer online between currencies instantly. The $ account comes with a chequebook so I can write cheques and post them to my US $ account with First National - that way I don't incur any wire costs. The rate on £ to $ account in the UK is about a cent below the official rate. This afternoon it was 1.829.
The UK sterling account pays 0.50 under base rate.
You can check it al out on www.citibank.co.uk.
Hope this helps
Gary
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